Re: [ANN] DSF - The SoFi Blockchain - Redefine Social Network with Blockchain
Hello. 👋🏻 Today we will tell you why DSF refused to use the KYC procedure.
📌 The essence of the KYC “familiarization” procedure is to reduce the risks of unlawful actions on the part of a potential or existing client through the collection of a number of data. The emphasis is on the control capabilities that open up to the organization through the receipt of personal information about the user's identity.
📌 However, in the realities of our time, when information can be protected by technology, a similar approach to obtaining information about users takes a different form.
📌 Elimination of control by intermediaries, transparency of pricing and a powerful evidence base made it possible to create an alternative not only to the world of fiat, but also to the very approach to working with information. The lack of the very possibility of falsifying data on the blockchain implies the principle of trust without disclosing private information, however, due to a number of features of controlling the financial environment, this approach cannot fully work, and here's why:
🔻 Anonymity creates obstacles to the possibility of control over the circulation of funds by government bodies. It turns out that there is no information both about the sender of funds and about its recipient. At the exit, excellent conditions are formed for financing terrorism and mass money laundering.
🔻 Limitations of control related to anonymity cross out the possibility of organizing the protection of citizens by the government. Such allowances constitute a direct threat because they are contrary to the constitution.
💡 It turns out that anonymity and fundraising cannot go hand in hand, due to high risks. However, simultaneously with this feature, there is a direct violation of Satoshi’s covenants, due to which the digital asset industry is rolling back in its technical characteristics to the Fiat-controlled world.
❗️ That’s why DSF refused to use the KYC procedure. We value our community’s anonymity. DSF platform is totally decentralized and it uses auto VPN features for better users’ anonymity.
Read more about DSF solutions here: https://dsft.io
📌 The essence of the KYC “familiarization” procedure is to reduce the risks of unlawful actions on the part of a potential or existing client through the collection of a number of data. The emphasis is on the control capabilities that open up to the organization through the receipt of personal information about the user's identity.
📌 However, in the realities of our time, when information can be protected by technology, a similar approach to obtaining information about users takes a different form.
📌 Elimination of control by intermediaries, transparency of pricing and a powerful evidence base made it possible to create an alternative not only to the world of fiat, but also to the very approach to working with information. The lack of the very possibility of falsifying data on the blockchain implies the principle of trust without disclosing private information, however, due to a number of features of controlling the financial environment, this approach cannot fully work, and here's why:
🔻 Anonymity creates obstacles to the possibility of control over the circulation of funds by government bodies. It turns out that there is no information both about the sender of funds and about its recipient. At the exit, excellent conditions are formed for financing terrorism and mass money laundering.
🔻 Limitations of control related to anonymity cross out the possibility of organizing the protection of citizens by the government. Such allowances constitute a direct threat because they are contrary to the constitution.
💡 It turns out that anonymity and fundraising cannot go hand in hand, due to high risks. However, simultaneously with this feature, there is a direct violation of Satoshi’s covenants, due to which the digital asset industry is rolling back in its technical characteristics to the Fiat-controlled world.
❗️ That’s why DSF refused to use the KYC procedure. We value our community’s anonymity. DSF platform is totally decentralized and it uses auto VPN features for better users’ anonymity.
Read more about DSF solutions here: https://dsft.io